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United States Department of Transportation United States Department of Transportation

Triangle Expressway

Triangle Expressway
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
North Carolina Turnpike Authority (NCTA)
Project Description

The 18.8-mile Triangle Expressway serves the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improves commuter mobility, accessibility and connectivity to the RTP employment center. The tolled highway comprises three sections:

  • Phase 1 - 2.8 miles of NC 540 from NC 54 to NC 55 near Morrisville, which was constructed by North Carolina Department of Transportation (NCDOT) with Surface Transportation Funds (STP) funds and opened to traffic in 2007 (but not tolled until August 2012), and 3.4 miles of NC 147 from I-40 south to the interchange with NC 540 (opened in December 2011 and tolled in January 2012)
  • Phase 2 - 6.6 miles of NC 540 from the southern terminus of Phase 1 at NC 55 to U.S. 64 (opened and tolled in August 2012)
  • Phase 3 - 6 miles of NC 540 from the southern terminus of Phase 2 at U.S. 64 to NC 55 Bypass near Holly Springs (opened in January 2013)

Roadway and traffic conditions in the Tri Ex study area threatened to limit the region’s continuing economic development and growth. The Triangle Expressway accommodates growing demand, featuring a fully electronic tolling system designed to prevent significant traffic delays and improve corridor safety. The project improves commuter mobility, accessibility, and connectivity to the RTP employment center with an average expected travel time savings of 17 minutes per trip by 2030. The project is expected to generate approximately $811 million in total economic impact through the same time period. TIFIA financing allowed for the realization of these benefits with approximately 20 years sooner and with $388 million of cash flow interest cost savings compared to conventional financing methods.

Project Details
TIFIA Assistance
$387.00M
Primary Revenue Pledge
User Charges
Project Cost
$1172.00M
Fiscal Year Closed
FY2009
Duration/Status
The project reached substantial completion on December 1, 2012 and commenced tolling operations in January 2013.
Funding Sources
TIFIA Revenue Bonds: $266.1M
State-backed Bonds: $343.3M
TIFIA Loan: $386.662M
State Funds: $175.6M
Project Delivery/Contract Method
Design-Build
Project Participants
Design-builder (Phases 2 and 3): Raleigh-Durham Roadbuilders (joint venture of Archer Western Contractors, Granite Construction Company), The LPA Group - Lead design consultant, Volkert & Associates, Inc. - Construction engineering inspection services
Project Advisers/Consultants
NCDOT Alternative Delivery Unit

HNTB - GEC

PBS&J - Toll technology

PFM Group/Davenport & Company - Financial advisors

Womble Carlyle - Bond counsel

Wilbur Smith Associates - Traffic & Revenue

Wells Fargo - Bond trustee

Merrill Lynch - Bond underwriters

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Nixon Peabody
TIFIA Financial Advisor: Infrastructure Management Group
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $386.662 million. The TIFIA loan has been issued on a subordinate basis to the senior lien toll revenue bonds.
Financial Status
The TIFIA credit agreement was signed in July 2009. The first interest payment occurred in January 2015, with principal payments set to begin in 2024, and final expected in 2043; however, the loan agreement was retired early when NCTA prepaid its TIFIA loan on December 12, 2018.
Innovations
Most expensive public works project in North Carolina history
All-electronic, cashless/video tolling
Application Details
Applicant
North Carolina Turnpike Authority
LOI Fiscal Year Received
FY2007
LOI Received Date
Application Received Fiscal Year
FY2007
Application Received Date
Estimated Project Cost
$1252.00M
TIFIA Request
$413.00M
Instrument Type
Direct Loan